SMB

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The role of SMBs in the Transition to the Green Economy Within the framework of COP29, a panel discussion was held on the topic “The Role of SMBs in the Green Economy” KOBİA and the "Invest Bulgaria" Agency to collaborate Within the framework of COP29, the documents for collaboration were signed to support the green transition of SMBs Representatives of the International Trade Centre (ITC) paid the visit to "Baku SMB House" A conference was held regarding the presentation of unified platform and the national standard for ESG A national standard on Environmental, Social, and Corporate Governance (ESG) has been adopted "KOB FEST" exhibition-sale fair held in Khachmaz A business plan – the key to successful and sustainable business "From Us to Business" startup competition is underway

Opportunities to simplify and improve financial accounting and reporting of SMBs have been discussed 16.09.21

The absolute majority of taxpayers whose reports revealed inconsistencies relate to micro and small businesses. The analysis performed as part of the SMBDA collaboration with the State Tax Service shows that taxpayers, especially micro and small entrepreneurs in the areas of trade and services, do not keep records of income and expenses according to the legislation and incorrectly draw up declarations and other documents, which leads to the assessment of taxes in a desk manner thus causing dissatisfaction of taxpayers. This shows that this category of entrepreneurs does not have the required level of knowledge and skills in the relevant field.

The chairman of the Board of the Small and Medium Business Development Agency (SMBDA) Orkhan Mammadov stated this in his speech at the international scientific-practical conference dedicated to the 25th anniversary of the Chamber of Auditors of the Republic of Azerbaijan. It was noted that this is because SMBs in Azerbaijan do not have the opportunity to involve professional accountants and auditors in reporting and prepare it independently. In such cases, entrepreneurs should be supported, and the financial accounting and tax reporting forms should be simplified.

The SMB development centers that are part of the SMBDA structure, operating in various cities and regions of the country, regularly provide training and consulting services on tax administration, as well as preparing financial, non-financial, and tax reporting, and accounting rules. Over the past period of 2021, the SMB development centers have arranged about 40 pieces of training, attended by about 800 entrepreneurs, as well as those wishing to start their businesses.

He also stated that SMBDA and the State Tax Service launched a joint project to eliminate shortcomings in tax administration, tax reporting by micro and small businesses, and other relevant areas. Under the project, entrepreneurs will be classified according to areas of activity, where shortcomings occur, and involved in training in the SMB development centers. The Agency is also ready to cooperate with relevant bodies in performing coordinated work to develop proposals for further simplifying financial accounting and reporting for SMBs.